The world’s leading financial centers stand together and will do their part to mitigate the current crisis and to prepare for an economic recovery. International financial centers will play a vital role in getting the world’s economy back on its feet as well as in serving the real economy and society as a whole in the post-crisis.
The global economic shutdowns necessitated by the pandemic have required unprecedented interventions, and our industry has been vital in supporting these actions. As soon as the Coronavirus is defeated, we need to restart the global economy as part of the recovery process.
In the short term, resilience is critical. We need to protect and serve the most vulnerable parts of our economies:
“The financial sector has been working in close collaboration with governments and regulators to act quickly to ensure access to credit and financial stability for individuals and businesses. Continued collaboration and coordination with the financial sector will be critical to the successful recovery from the economic and social impacts of this global pandemic.”
“As the world slowly starts to lift containment measures, the financial services industry will play a pivotal role in the recovery from the COVID-19 pandemic’s economic consequences. Financial institutions, such as banks but also asset managers and insurance companies, are supporting industries as well as SMEs by providing them the necessary finances. Financial centers help through the expertise that is clustered in them to process these flows more efficiently.”
Preparing for the aftermath of the COVID-19 pandemic is as equally important to the strict containment measures.
In this course of action, trade is an integral component of global economic recovery, and governments, working with organizations such as WAIFC, must start building economic infrastructure that supports steady and inclusive recovery.
“As we overcame infectious diseases in the past, we believe humankind will eventually win this battle. As always, the crisis will soon be an opportunity, and our financial services industry will be able to take advantage of the crisis as an opportunity to embrace new technologies and achieve business advancement. And we hope that the social role of finance will be highlighted through the spread of social finance, which will serve as an opportunity to expand the scope of the financial industry.”
“We have yet to discover the full extent of COVID-19 related global economic crisis. One thing is certain: unlike other past crises, this one was not caused by the financial sector. If anything, the financial sector was prepared to take it on. Today, our industry is part of the solution. We must rise up to the circumstances.
Members of the Alliance and other states have launched a wide range of SME aid, as well as social relief policies. The financial sector is focused on making the tax burden easier for businesses and individuals. We aim to offer affordable financial products during the crisis. This is the right direction to take.
We are facing a new challenge – finance must remain stable as we work our way out of the pandemic crisis. I strongly believe that expertise in innovative transformation accumulated by the financial industry in recent years will enable us to be more inclusive, adaptive, efficient – for the benefit of our clients and economies.”
The World Alliance of International Financial Centers (WAIFC) is a non-profit association registered in Belgium, representing 17 leading international financial centers of four continents. WAIFC members are city governments, associations, and similar institutions developing and promoting their financial centers.
In an era of breakthrough technologies and rapid social change, financial centers are crucial to sustaining economic growth. Thus, the objective of the WAIFC is to create a transparent network that facilitates cooperation and sharing of best practices to further the understanding of the importance of international financial centers for national and global economies as well as social development.